This Week's State Of The Economy - What Is Ahead? - 24 June 2022

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Jun 25, 2022

This Week's State Of The Economy - What Is Ahead? - 24 June 2022

It’s a hot time in Houston.  The weather is hot, Yordan Alvarez is on a tear and inflation rolls on.  It’s also been a busy week on the political front, but economic news happened as well.  The biggest economic news was Fed Chair Powell presenting the Federal Reserve's semiannual Monetary Policy report to Congress this week. In an effort to burnish his credentials for the “Captain Obvious” award, he acknowledged in his testimony that tightening monetary policy in order to reduce inflation may result in a recession.  As intended, higher mortgage rates are slowing down home sales. During May, existing home sales fell 3.4%, while new home sales rose 10.7%, although are down 5.9% year-to-year.

 

With 100+ degree temps forecasted for the weekend, might be a good time to catch-up on some movies.




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